Liens for Unpaid Assessments

[TSMIII]

I noticed on the Orange County website today that there were,by my count, approximately 850 liens registered today against DVC owners for "unpaid assessments."

All WDW DVC properties were represented to some degree although to my eye it seemd SSR had the most - but I'm figuring that is just a function of its size compared to the others.

Of the several liens I looked at in detail, all noted a delinquincy date of Jan. 15, 2008 which was the due date for paying annual dues.

With no frame of reference for this, I'm wondering if anyone knows if this represents a typical amount of liens being placed in a year and if the liens have all been registered at the same time each year.

At first blush, without knowing the historical trend or the particulars of why the members failed to make payment, it occurred to me that the current economic climate may be responsible.

 

[dvc at last !]

interesting...

 

[disneynutz]

Looks like there will be some of those BCV wait lists filled.

 

[RobDoc]

The 850 number represents a fraction of 1% of the total membership and is the first step required for DVC to potentially foreclose on the deed. This is one means DVC has to reacquire properties and ultimately resell.

While 850 may have been included, some of those may eventually satisfy the lien by paying the delinquent dues. Some of those may, in addition, have defaulted on their mortgage payments.

I don't think the number is unusual and overall is somewhat proportional to the total number of members at each resort - with SSR having the greatest number of members.

 

[DOUGLAS ADDEO]

thats interesting, that is probably a very small proportion of the total number of members. I wonder if current economic conditions are increasing defaults.

 

[CarolA]

Considering the numbers of members I think that's a pretty small number. Heck my HOA has 24 members and we have one lien! LOL!

 

[Disney_Villain]

thats interesting, that is probably a very small proportion of the total number of members. I wonder if current economic conditions are increasing defaults.

I saw no part of this thread with supporting data (from previous years to compare to this current list of defaults) to say that defaults are increasing. Even if they were, membership has grown from 100,000 members to 300,000+ members in the last 4 years. It would be very hard to show how defaults are increasing even if they were, due to any conditions other than increased membership.

 

[JimMIA]

One thing you can't tell from just looking at the abstracts is whether the lien is for dues or a mortgage in danger of foreclosure. If you read all 850 documents, you'd probably have an idea, but who wants to do that? Liens for dues would be filed by DVC (or the condo association of the particular resort); liens for mortgage payments would be filed by Disney's financial arm, which I believe is Palm Financial, or something like that.

My guess is that most of the liens are for dues, and that most of those folks will pay up as soon as they are notified of the lien. If they don't, they'll have their account frozen and the foreclosure proceedings will begin.

I agree with Doc that this is a very small percentage of the total ownership. I don't know what the exact number of DVC owners is, or how this compares with previous years, but it's definitely a small percentage of total ownership.

 

[TSMIII]

Doc & JimMIA - thank you for your answers.
They have helped put this info into some context. These liens now appear to be more of a normal course of events than a harbinger of growing economic difficulties as I had initally thought they might be.

 

[TiszBear]

I found this website last year from another DVC member. Funny thing when I was looking at the site I noticed my ex husband on there 2 times (not recent transactions). Irony is the dates of the liens, he bought twice while we were still married and going thru our divorce and he said he was broke in court. Well now he is.

The best part, the original DVC membership that was purchased by us I got in the divorce.

 

[WDWmom08]

I saw no part of this thread with supporting data (from previous years to compare to this current list of defaults) to say that defaults are increasing. Even if they were, membership has grown from 100,000 members to 300,000+ members in the last 4 years. It would be very hard to show how defaults are increasing even if they were, due to any conditions other than increased membership.

I have seen this statistic on other posts on this site. If this is the true number why does the DVC website say:

Over 100,000 Disney Vacation Club Member families?

 

[WilsonFlyer]

I have seen this statistic on other posts on this site. If this is the true number why does the DVC website say:

Over 100,000 Disney Vacation Club Member families?

300k sounds as if it's getting crowded (it is). This discourages buyers. 300,000 is over 100,000. Disney is telling the truth 100%.

Marketing 101.

 

[bmoncher]

I have seen this statistic on other posts on this site. If this is the true number why does the DVC website say:

Over 100,000 Disney Vacation Club Member families?

My husband and I are a member Family - but we are both members... that explains the difference...